Fully Renovated Two-Family
For Sale
$699,900
40-42 N Main St, Northbridge, MA 01588
Completely rebuilt duplex with two units, each offering three bedrooms and 1.5 baths plus off-street parking.
Property Size2,318 SF
Price / SF$301.94
Days on Market52
Property Features for 40-42 N Main St
General Information
Standard status
Active
Size
2,318 SF
Property subtype
Multi Family
Additional Details
Highway Access
Yes
Clear Height
13 ft
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
Charles S. Pavolis
(508) 579-7294
Listed By:
Israel Sierra
(617) 901-0422
Source:
Lockandkeyre
Added: Jul 15
Changed: Sep 3
Last Checked: Sep 4 at 5:56AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Charles S. Pavolis
Investment Insights
Based on property information with market context.
This completely rebuilt, fully renovated two-family duplex has been modernized with updated interiors designed for everyday comfort and efficient operation. Each unit features an open-concept layout with three bedrooms and 1.5 bathrooms, along with white shaker cabinets, quartz countertops, oversized kitchen islands, stainless steel appliances, luxury vinyl flooring, and recessed lighting throughout. The entire second level was rebuilt and includes 13-foot ceilings, adding a bright, spacious feel. Spray foam insulation is also in place for improved energy efficiency. Exterior improvements include maintenance-free vinyl siding and off-street parking.
The property is located near shopping, restaurants, schools, major commuter routes, Whitins Pond, the Mumford River, and the West Hill Dam Recreation Area, supporting convenient access to local amenities and outdoor recreation opportunities.
As currently configured, the home provides two separate residential units within a single duplex structure, each with a similar bedroom and bathroom layout and a consistent, renovated finishes package.
The property is located near shopping, restaurants, schools, major commuter routes, Whitins Pond, the Mumford River, and the West Hill Dam Recreation Area, supporting convenient access to local amenities and outdoor recreation opportunities.
As currently configured, the home provides two separate residential units within a single duplex structure, each with a similar bedroom and bathroom layout and a consistent, renovated finishes package.
Key Highlights
- Completely rebuilt/fully renovated two‑family home (duplex) with modern interiors
- Each unit offers 3 bedrooms and 1.5 bathrooms with an open‑concept layout
- Second level rebuilt with 13‑foot ceilings for a bright, spacious feel
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,334
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.48%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$626,680
$626.7K
Cap Rate 7%
$447,629
$447.6K
Cap Rate 9%
$348,156
$348.2K
Market Conditions
NOI Build-Up for 2,318 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$45.9K $19.80/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$44.8K $19.31/SF
− OpEx
−$13.4K −$5.79/SF
NOI
$31.3K $13.52/SF
Area
Worcester County, MA
Vacancy
2.47%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$626,680
Cap Rate 7%
$447,629
Cap Rate 9%
$348,156
Alternative Uses
Best Use
Multifamily LT 5
$447.6K
$391.7K – $522.2K
NOI $31,334 @ 7.0% cap · market cap 4.48%
Second Best
Apartment 5plus
$389.6K
$340.9K – $454.5K
NOI $27,269 @ 7.0% cap · market cap 3.90%
Theoretical Best
Office A
$791.6K
$692.6K – $923.5K
NOI $55,409 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13 ft
Clear height
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
156
Businesses Nearby
Explore this area
Business Placement
Demographics for 01588, MA
10,106
Population
4,553
Households
2.2
Avg Household Size
42
Median Age
31%
College-Educated
94%
High-School Grad
8.1 sq mi
ZIP Area
1,248
Density / Sq Mi
$88,735
Median Household Income
$50,855
Median Earnings
$1,263
Median Rent
$413,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Completely rebuilt duplex with two units, each offering three bedrooms and 1.5 baths plus off-street parking.
Where is this duplex located?
The property is located at 40-42 N Main St Northbridge, MA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Completely rebuilt/fully renovated two‑family home (duplex) with modern interiors; Each unit offers 3 bedrooms and 1.5 bathrooms with an open‑concept layout; Second level rebuilt with 13‑foot ceilings for a bright, spacious feel
